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2 years ago

Explain what debit and credit mean.

Business

1 answer:

xeze [42]2 years ago

6 0

Debits and credits are used in a company’s bookkeeping or or double-entry accounting.

Debits and credits are the bookkeeping entries that balance each other. Debits means all of the money coming into an account, while credits means all of the money going out of an account. When recording a transaction, every debit entry must have a corresponding credit entry of the same amount.

A debit entry is always kept on the left side of an entry. A debit increase asset or expense accounts, and decreases liability, revenue or equity accounts.A credit is always placed on the right side of an entry. It increases liability, revenue or equity accounts and decreases asset or expense accounts.

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Explanation:

The following can be derived based on the information in the question:

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Taxable income = $4281.25

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Net income = $2782.85

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N.B:

Interest charges= 6.25% × $3500

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